Which of the Following Statements About the World Trade Organization

question 36

Multiple Choice

Which of the following statements about the World Trade Organization (WTO) is FALSE?

• A) The WTO is a development of the General Agreement on Tariffs and Trade (GATT).
• B) The WTO is the main world organization governing rules of international trade.
• C) The WTO has worked to increase tariff rates in an effort to protect infant industries in developing countries.
• D) The WTO makes an effort to ensure that trade flows smoothly and predictably.

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Definitions:

Macroeconomic Statistics

Quantitative measures that capture various aspects of a national economy’s performance, such as GDP, unemployment rates, and inflation, aiding in its analysis and policy formulation.

Macroeconomic Statistics

Quantitative measures that describe the broad economic activities and health of a country, including GDP, inflation rates, and unemployment figures.

Economic Contraction

A decline in the national output as measured by GDP, often associated with a decrease in spending and investment.

Disposable Personal Income

The amount of money that individuals have available to spend and save after income taxes have been accounted for.